GANESH TEXTILES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, the following questions have been referred to this Court under the provisions of S. 256(1) of the IT Act, 1961 (hereinafter referred to as 'the Act') :

(2.) THE facts giving rise to the present reference, in a nutshell, are as under :

(3.) THE Tribunal had relied upon the judgment delivered in the case of CIT vs. Kochammu Amma (1980) 19 CTR (SC) 196 : (1980) 125 ITR 624 (SC) : TC 50R.241 while confirming the order imposing penalty.